Footscray retains some of its working-class roots along thoroughfares like Hopkins Street, but for how long? Photo: Jason South

The space is helping to accelerate Footscray’s transformation into a creative hub of Melbourne, with an estimated 550 jobs to be brought to the suburb this year, further driving property interest and prices in the area.

The building was acquired by Impact Investment Group in 2015 for $13.5 million and was unveiled as The Dream Factory early last year. The space sits in a large woolshed spanning four levels, and began accepting tenants in March last year.

The co-working space is filling a gap in the suburb and has already made an impact, The Dream Factory manager Michael Jamison said.

Nolan with Snobal co-founder Murray James. Nolan says she didn't really expect to be able to live and work in the inner west. Photo: Chris Hopkins

“We saw Footscray as an untapped market, especially for a coworking space,” Jamison said. “We’re bringing some great tenants in that are a fantastic fit for Footscray. With just this building alone you can see that people are gravitating towards the area.”

Thanks largely to The Dream Factory, Footscray now has the highest volume of co-working space in north and west Melbourne, and the most out of anywhere in Melbourne excluding the CBD and city fringe, according to Knight Frank research. Footscray now has about 7790 square metres of co-working space, well above that of Brunswick, which has 2160 square metres.

Footscray appeals to many for its ability to match heritage with new. Behind this historic Barkly Theatre is an apartment building. Photo: Village Real Estate

“Providing a space like that means the younger creative demographic is coming to Footscray. They come over here and realise how cool it is, and the next thing you know they’re buying here,” Hannan said.

With cheaper rent and the emergence of large co-working sites like The Dream Factory, Footscray is fast becoming the freelancing capital of Melbourne.

“It’s attracting not only people from the other side of the bridge, but from Brunswick, Collingwood and Fitzroy. Footscray is the new Fitzroy,” Hannan said.

Housing in Footscray was seen as undesirable a decade ago, but the period style homes are now in hot demand. Photo: Pat Scala

In 2016, more than 1300 apartments were approved in Footscray, 10 times more than in 2013. And with two major developments underway in the area, this number is set to almost double.

Nolan said the recent increase in creative spaces and convergence of freelancers could do wonders for Melbourne’s inner west.

“I think that it has massive potential for the west,” Nolan said. “There’s a perception that because it’s across the river it’s further away than it really is, but it’s the equivalent of working in Richmond.”

Nolan and her business moved into The Dream Factory as its first tenant in March last year, and has since been joined by the likes of Richmond startup collective Inspire9, Engineers Without Borders and CoHealth.

Having working spaces like this in the area could be the final puzzle piece to transforming Footscray into a cultural hub, Nolan said.

“The inner west, particularly the Maribyrnong region, is thriving — it’s a creative and happening area,” she said. “Now being able to access something like this locally is great. It has a particular inner west feeling to it, and it’s really friendly and relaxed.”

This growing trend has also led developers to launch mixed-use buildings in Footscray, Hannan said, with apartments housed in the same building as co-working spaces.

With these new developments and an influx of young Melburnians setting up shop in co-working spaces in the area, the property market in Footscray is set to continue booming, he said.

“It’s not up and coming anymore, it’s come and gone,” Hannan said. “It’s gone from strength to strength in terms of growth. The market is very strong in Footscray. There’s definitely not a lot of stock left out there, and I can’t see anything but prices continuing to grow.”